October 31, 2007

Help You Get What You Want from Anyone... How to Create
a Successful Money Team... How to Ask for Money...
and More.

** Participate and You Could Make More
By Adrian Newman, Founder of e-Wealth Daily

Tonight is Halloween and let me wish all of you who have children or grandchildren a safe night out.

My street is one of those streets that get really busy over Halloween, mostly because a lot of homeowners (including myself) really go all out to decorate our homes.

And yet, one of my pet peeves is those people who don’t give out candy to children on Halloween.

Now, I’m not talking about those who have legitimate excuses like elderly folk who find it physically demanding to answer the door a hundred times a night or people who aren’t home because of other commitments or any other legitimate issue.

I’m talking about able-bodied people (and “ably financed” people because I know that getting candy for a busy Halloween can run about $50) who choose to turn their lights off and refuse to participate.

I moved last year from a street where neighbors on either side of my house chose to shut their lights off and not participate in Halloween festivities. While I can’t speak for the neighbor on our left, the neighbor on my right, a young couple, told me they just don’t like to be bothered.

Okay, that’s their prerogative, but look how bad it looks on them. A street full of activity, meeting people and sharing in neighborly spirit, while their house sits in darkness.

It harms their involvement in their community and makes them look like outcasts. And this same principle can be said about businesses that don’t participate in community events.

If you have a business, especially if you’ve got a new one, it’s in your best interest to “keep the light on” as best you can. Join local business organizations, support charities, keep a friendly atmosphere.

Your reputation will only grow and, in time, so should your profits!

To continue with last week’s theme of adapting to different characters and learning how to adjust the way you talk to people, I thought it would be appropriate to put together some effective words and phrases that you can use to help you get the results you're looking for. 

Practice using these words and phrases with the corresponding personality types, and see what kinds of results you get:

Achievers:

Some people are just problem solvers and want to move toward goals and objectives. Use uplifting words such as "possible,""definite," "probable," "potential," "toward," "direction,""absolutely," "can-do," "achieve," and "accomplish." Some phrases that sell with achievers:

Problem Solvers:

This type of person responds to "move away from" language.

They evaluate strategies that will help move them away from possible pain or discomfort. They respond to words such as "instead of," "rather than," "avoid," "first/then," "won't,""too," and specific actions that suggest avoidance, prevention, or evasion.

Some phrases that sell with problem solvers:

Internalizers:

This type of person likes to be a leader, gathers information, and uses his/her intuition to make decisions. They respond reactively (sometimes oppositely) to whatever anyone is telling them. Phrases such as "don't think," "don't expect," "help me out," "I'm not sure," or "you might consider" cause them to internalize their own emotions about situations. Painting mental pictures for them helps as well.

Phrases that work with internalizers include:

Externalizers:

This type of thinker follows and is easily influenced by the things that others tell him/her. "Experts say," "recommend," "counsel," "advise," "authority,""professional," and "qualified" are the types of words that work for this personality type.

Phrases that work with externalizers include:

Having a few effective words and phrases will arm you with an arsenal of vocabulary that can help you impress people. Doing so could help you to achieve the goals that you have been hoping for. Make a point to improve your vocabulary and to become a real expert in human nature and personality. Knowing a bit about the type of people you're dealing with can prove to be highly valuable in all aspects of your personal and professional life.

** How to Create a Successful Money Team
By John Hurd, Chief Wealth Researcher

My hometown has very strong passion for one thing. It seems that as far back as I can remember, this town has been absolutely nuts for hockey. And with good reason, as several National Hockey League players have called this town home over the years.

Growing up it was hard to find an empty outdoor rink that wasn’t crammed with pickup hockey teams battling it out until the lights were shut off.

One of my first jobs was at a local sports shop that was known as the go-to destination for aspiring hockey legends. The store stocked the latest and greatest hockey equipment and the staff was required to be up-to-the-minute on all hockey news and product breakthroughs.

I worked side-by-side with some of the town’s more celebrated junior athletes. Customers not only wanted us to help fit their children with skates and equipment, but they also wanted to get our thoughts on who was hot — and who was not — on the ice.

At the cash counter near the back of the store, you could find any number of parents, coaches and players gathered around, discussing last night’s game and picking up some last-minute supplies.

The owner recognized that this sense of community really helped to keep his business open year after year. So, he came up with a plan to help encourage customers to return to his shop week after week.

In a town obsessed with hockey, there were also a number of schools and clinics that taught everything from basic skating lessons to intense training camps on par with what many pros go through.

So, the owner of this shop approached one of the most sought-after coaches in town to come to the shop once or twice a week to help on the sales floor. And the coach jumped at the opportunity.

You see the storeowner knew what he was doing, as many people came in just to talk to this coach. He’d help fit skates and equipment and would plug his upcoming training camps. He once told me that he had to stop advertising in the local paper because he was drumming up so much business from just one or two days a week in the shop.

This partnership proved to be very profitable for both the coach and the shop owner. Customers flocked to the store just to share a few moments with the coach and the coach pulled in enough students to fill his camps to capacity.

So, when it comes to your moneymaking ventures, consider any opportunity to team up with another local entrepreneur. But be sure to discuss what both of you want from the relationship. As long as you aren’t competing for the same customers, by combining your efforts with someone else, you could create a highly profitable local connection.

** How to Ask for Money
By Michael Newman, the "Money Finder"

For many small businesses, one of the most common occurrences is asking for a loan. After all, in many cases entrepreneurs need a little extra money to help bring their dreams to fruition.

Of course, a problem for people who wish to be self-employed is the fact that they don’t necessarily know how to correctly ask for a loan. This is a problem that can severely limit your chances in securing a loan, and thus building the successful business of your dreams.

The best way to fully prepare yourself to properly request a loan is to go through your proposal from the prospective of an investor, and ask the question, “What is in it for me?” After all, if you expect someone to put some of their hard-earned money into your idea, you can bet it’s because they are planning on seeing a nice return on their investment.

I can tell you right now from experience that most people don’t do this. I’ve received thousands of letters in my day asking for an investment, but many lack the proper information. They simply tell me their idea and request some money.

Now sure, I’ve heard some good ideas, but the problem was that there was so much information missing from the request that I had no choice but to decline — all because the potential borrower didn’t look at the investment from my eyes.

When taking your idea to a potential investor, the most important thing to do is to accurately explain to them why you want the money, and how that money will make money. Plain and simple. If you say you need $4,000 to improve the kitchen equipment in your restaurants to speed up service and decrease overhead costs, thus generating a 40% increase in revenue, an investor will be much more interested in your proposal than if you simply tell them you need $4,000 for your business.

Along with looking for a return on their investment, some investors may be looking for a degree of control in the functioning of the company, or expect you to listen to their ideas and implement some of them as conditions of accepting their money. Be sure to know what the investors intentions are before you agree to take the money, therefore avoiding any future problems.

Here is a list of questions you should ask yourself before requesting a loan:

What is the money needed for?

Am I willing to relinquish some control?

Am I willing to share the equity?

Am I willing to take on a business partner?

Does my request seem attractive to the investor? What’s in it for them?

Why would I invest in this idea?

If you want to increase your chances of securing a loan, make sure you take the time to put together a proper presentation to impress an investor. If you can effectively answer each one of the above questions with verifiable evidence before meeting with an investor, you can guarantee your chances of getting cash will increase.